SubZero

Little late to the party, but looks like a bullish breakout :)

Long
SP:SPX   S&P 500 Index
Its end of earnings season, so most surprises are out of the way and the market held its ground. We might have a different stock value composition, but nothing broke overall. There still looks to be upward power left in this move. The only movers and shakers in the immediate term are global/macro and government announcements. The 1-2% typical central bank interest rates around the globe still drive risk appetite for higher returns. Later in the year there might be another correction wave closer to earnings season, the stocks are still overvalued according to many analysts. In the near term we are likely to re-test the breakout level of 2680 or 2700 where potentially the resistance can turn into support to confirm the breakout.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.